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📦 Pack it up; you’re moving to Oklahoma

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The Hustle

June 15, 2023

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A new survey from MassMutual Life Insurance says 70% of Americans are worried about increasing housing costs, meaning a whole 30% of people either didn’t hear the question properly or, wow, good for them.

In today’s email:

Crater economy: Startups serving influencers won’t like this one.
Save and invest: The Psychology of Money author Morgan Housel shows us the way.
Moving target: How one city attracted (and retained) remote workers.
Around the Web: Letters to the dead, a deep dive into cheer, a cute armadillo, and more.

👇 Listen: The creator economy is slumping. What’s up with that?

The Big Idea

The creator economy goes boom, and not in the good way

Gold rushes are exciting — unless you’re the one with an empty pan at the end.

Take it from startups built to serve creators, many of which are now coming up short on nuggets.

But oh, what a rush it was

Since 2021, US businesses selling products and tools that support creators — the social media influencers who make the world go ‘round — have raised $8.6B+, per The Information.

That hasn’t been the case lately — fundraising for the sector is down 90%+ this quarter compared to the same time two years ago — and now some businesses are starting to meet their makers (to tell them they can’t help them produce viral content any longer).

Since the start of 2022, 18+ creator startups have either been acquired or shuttered, according to The Information, and many more are running out of cash or pivoting away from creators.

What went wrong?

A few creators have done well (very, very well) for themselves, but most don’t make enough money to pay for specialty services.

Companies were betting on the emergence of the fabled creator economy middle class, and that didn’t materialize:

Only 12% of full-time influencers make $50k+/year; 46% don’t make four digits, according to Linktree — a creator company that aptly just shed 27% of its staff.

Of note: Creator opportunities are narrowing, but want to buck the trend? Figure out how to uncomplicate taxes for pet influencers and you’ll be internet royalty.

TRENDING

Paul McCartney said a final Beatles song will be released this year, and we have AI to thank. The track features the late John Lennon’s vocals, pulled off a demo tape using the same AI tech used in the Beatles documentary “Get Back.”

SNIPPETS

The Federal Reserve broke its 10-meeting streak of increases, holding interest rates steady — for now: If inflation doesn’t ease by next month’s meeting, officials suggested another rate hike will follow.

TodAI in AI: EU lawmakers voted to approve the EU AI Act, which would ban or limit certain AI applications — e.g., predictive policing, social scoring, or anything that could influence elections.

Draft pick: After accounting for 8.4% of US beer sales in May, Modelo Especial is now America’s top-selling beer. Bud Light, in sales decline amid political boycotts, had held the crown since 2001.

At a premium: The US cyber insurance market, poised for strong growth as AI stirs up new exposures, saw premiums grow 50% to $7.2B in 2022.

United Parcel Schvitzers: Union leaders and UPS struck a tentative agreement to add AC and fans to the shipping carrier’s fleet of 93k iconic — but extremely hot — brown trucks.

Flatter-packed: Ikea’s R&D lab, Space10, used AI to design a 22-pound, recyclable, modular couch that fits in an envelope. It’s just an experiment, so you can’t buy it… yet.

Hate to hear it: Speaker company Sonos is laying off 7% of its staff. The company reported revenue declined 23.9% YoY to $304.2m in Q2.

FROM THE BLOG

You’ve done the hard part: finding a mentor. But now you must make the most of every moment you get with them. Here are 49 questions to ask your mentor about work, life, and your career.

Watch this

From the pod: To achieve greater financial success, do yourself a favor and become… insecure.

OK, not exactly — but we did speak with Morgan Housel, author of The Psychology of Money, about how some good ol’ paranoia can help set you up for a healthy financial future.

Just don’t let these financial tidbits get to your head, or one day you might end up naming a yacht “Compensation,” and nobody wants that.

Watch the 1.5-minute clip →

Free Resource

22 templates for resignations, resumes, and cover letters

Seeking a shift (or is it shifts)?

Sure, job hunting gets boring and chore-like, but don’t forget what you’re chasing. The right fit could be glorious.

And when searching for work, you’re up against the world — so don’t sell yourself short. Take 22 free job-seeking templates to showcase your most splendiferous skills and line up those interviews.

Keep shooting. We’re pulling for you.

For job hunters and hoppers 🍴🐰 →

This place is OK

Remote workers found Okla-home-a

When Tulsa, Oklahoma, started offering workers $10k to pack up their lives and move there back in 2018, we were intrigued.

But, five years later, something even more curious has happened: Most people who took the initial cash bait stayed.

Per Vox, of the 2.4k+ people who’ve moved through the Tulsa Remote program, 90% stayed put after completing their one-year commitment — 76% never left.

And they’re bringing serious money into Tulsa, each generating $150k+ in labor income and contributing a combined ~$2.5m in new sales tax revenue in 2022.

But what’s the draw for workers?

While that $10k didn’t hurt, it ended up being much more:

Tulsa Remote hosts ~15 monthly community-building events.
The program created 160 Slack channels that cater to niche interest groups (like parents, book clubs, or cycling).

The initiative attracted people craving connection, per a 2022 Brookings Institution study, and delivering that community engagement made the move permanent for many.

Could this become a thing?

Totally. Other cities have already set up programs to tempt remote workers with cash and perks, from Bentonville, Arkansas, to Paducah, Kentucky.

While Tulsa’s program shows community-building is key, lower costs of living and more affordable housing sweeten the deal.

And we’re talking drastically more affordable housing: The median home price in Paducah is $118k, compared to $799k in Boston.

Now you just have to break it to your mom that you’re movin’ out…

AROUND THE WEB

🏇 On this day: In 1878, Eadweard Muybridge used stop-motion photography to prove that a horse does, at times, have all four hooves off the ground while galloping.

👀 Newsletter: Stacked Marketer gives marketers an edge over the competition with breaking industry news, and tips and tricks for Google, Facebook, native, SEO, and more. Sign up here.

✉️ That’s cool: Postal Service for the Dead is an ongoing project that invites people to write letters to loved ones who have died. With consent, some letters are shared on Facebook or Instagram.

📣 That’s interesting: A deep dive into the surprisingly hardcore world of competitive cheer.

😍 Aww: A day in the life of Tres Leches, an armadillo.

Meme

So, uh… can, um, everyone see the screen-share?… OK, let’s get started. (Link)

TELL FRIENDS → GET PRIZES

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Spread the news. Help us grow 🌱

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Look at you, smarty pants. You’ve already shared The Hustle with {{contact.referral_count}} friends and enemies.

We’d love to take you out for drinks, but that involves some unsightly logistics. So here’s what we’ve got planned instead.

Get {{10-contact.referral_count}} more referrals and we’ll send you a tumbler stamped with The Hustle logo.

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You’re getting dangerously close to the most coveted item in Hustle-land: The Hustle Television Hooded Sweatshirt.

The fabric? Luxurious. The cut? Relaxed, yet refined. The message? Indisputable.

Share this link with {{25 – contact.referral_count}} more of your friends to get the goods:

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SHARE THE HUSTLE

Damn, you’re on a roll.

You’ve got the tumbler. You’ve got the hat and hoodie to match. It’s time to beef up that collection, don’t you think?

Get {{35 – contact.referral_count}} more referrals and we’ll send you our cozy new swag bundle: The Hustle Hooded Long Sleeve and Island Design Tee. These relaxing tops would be great accessories for your next island trip (if you get that far *wink*).

Share this link to get the goods:

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SHARE THE HUSTLE

Hey, we see you. You’re out there spreading the gospel of The Hustle like it’s nobody’s business. Seems like you might be ready for a little more…

Get {{75 – contact.referral_count}} more referrals and we’ll slide you a free subscription to Trends.

And no, this ain’t an ad. We just think you’re the kinda person who would thrive in our top-tier community (it’s usually $299) full of founders, investors, and builders (AKA ambitious, no B.S. business folks like you) — and enjoy our premium research and content.

Here’s that link you’ll need:

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SHARE THE HUSTLE

Well, well. Look who’s climbing the ladder. We’re so proud.

You seem like the kind of person who can work a network. So you’ve landed an opportunity to bag The Hustle’s grand prize.

Get {{1000 – contact.referral_count}} more referrals and you’ve got yourself a free $1,500 airline gift card to the destination of your choosing – plus a set of Tumi luggage for all your favorite things.

If you’re not sure where you wanna go… better start looking.

You’re just {{1000 – contact.referral_count}} referrals away.

Here’s that special link one more time:

Today’s email was brought to you by Jacob Cohen and Juliet Bennett Rylah Sara Friedman, .
Editing by: Ben “Trying to be remotely funny” Berkley.

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📦 Pack it up; you’re moving to Oklahoma

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